Asian stocks fell the first time in four days after China’s bad loans jumped the most since 2005 and the yen held gains amid concern about global growth. Indian shares surged to a record as early vote counting showed the opposition may win the national election.
Chinese banks had the biggest quarterly increase in bad loans since 2005 as an economic slowdown causes defaults to rise, a report showed yesterday. An unexpected drop in U.S. industrial output and weaker-than-projected growth in Europe also stoked concern over the global outlook, driving the yen to its strongest level in almost two months yesterday.
Hong Kong’s Hang Seng Index slid 0.3%, halting a six-day advance. The Shanghai Composite Index was little changed.
Japan’s Topix index sank 1.6% as the yen rose. Toyota declined 2%, Panasonic Corp., an electronics maker that gets about half its revenue abroad, dropped 2.4%.
South Korea’s Kospi index gained 0.2%. Australia’s S&P/ASX 200 Index slid 0.6%, while New Zealand’s NZX 50 Index lost 0.2%. Taiwan’s Taiex index climbed 0.1%. Singapore’s Straits Times Index fell 0.2%. India’s Sensex Index jumped 3.6%.
Japan Display plummeted 12% after the supplier of screens to Apple Inc. said net income will probably be 26.8 billion yen ($264 million) this fiscal year, compared with the 42.8 billion yen average of analyst estimates.
NCSoft plunged 8.5% after its quarterly net income fell to 36.8 billion won ($36 million), below the average analyst estimate of 53.3 billion won.
Johnson Electric Holdings Ltd. slumped 12%, heading for the biggest loss since 2009. The manufacturer of micromotors reported full-year net income of $207.9 million, below the $221 million average of analyst estimates, and said its profit may drop this fiscal year.
Among stocks that gained, Greentown China Holdings Ltd. jumped 5.1% after the developer said it was in talks to sell a stake of as much as 30% to Sunac China Holdings Ltd. Sunac shares lost 6.1%.
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